Mergers and Acquisitions
Transaction Details
DD&F CONSULTING GROUP 
Deal Overview
Buyer:  Evolve Financial Group, Inc. (Click for buyer financial information)
Target:  Parkin Bancorp, Inc. (Click for target financial information)
Deal Type:  Bank & Thrift Company
Announcement Date 2/25/05   Announced Deal Value ($M) 3.0
Status Completed   Announced Deal Value Per Share ($) NA
Completion Date 8/2/05      
 
Deal Summary
Evolve Financial Group has agreed to acquire Parkin, AR-based Parkin Bancorp Inc. and its unit First State Bank. With the acquisition, Evolve will become a bank holding company. Parkin is currently ranked No. 3 in Cross County, AR with a 4.9% share of about $288.6 million in deposits. Parkin also operates in Crittenden County, AR, where it's ranked No. 6 with a 0.8% share of about $430.5 million in deposits. Ratios are based on Dec. 31, 2004 small parent equity of $561,000 and LTM net income of $24,000. Seller's financials are for First State Bank.

Deal Pricing Ratios
  Announcement Completion
Price / Book (%) 529.06 529.06
Price / Tangible Book (%) 529.06 529.06
Price / LTM EPS (x) NM NM
Price / Deposits (%) 16.64 16.97
Price / Assets (%) 13.24 13.49
Tang Book Premium / Core Deposits (%) 17.85 18.31


Deal Terms

Description of Consideration
Evolve paid two times the tier 1 capital of First State Bank less Parkin's indebtedness in cash. As of Jan. 31, First State Bank's tier 1 capital equaled about $2,401,126 and Parkin had about $1,834,333 in debt.
Accounting Method NA   Lockup Agreement No
In-State Transaction? No   Strike Price ($) NA
Merger of Equals? No   % of Shares Outstanding NA
Geographic Expansion? Market Expansion   Shares Under Option NA
Goodwill Generated ($000) NA   Core Deposit Intangibles ($000) NA
Estimated Cost Savings (%) NA   Est. Restructuring Charges ($000) NA
Termination Fee ($000) NA  
         
Consideration Breakout
Cash ($M)   3.0
Common Stock ($M)   0
Common Shares Issued   0
Preferred Stock ($M)   0
Preferred Shares Issued   0
Debt ($M)   0
Other ($M)   0

Deal Advisers

Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer NA NA
 
Seller Yes DD&F Consulting Group
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Butler Snow LLP
Wyatt Tarrant & Combs
 
Seller Yes Baker Donelson Bearman
McAfee & Taft

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